Financial crime watchdog Financial Action Task Force (FATF) has added the United Arab Emirates (UAE) to its grey list following a rise in money laundering, whereas, it retained Pakistan in the grey list for implementation of the remaining items of the action plan.
The global financial crime watchdog sought Pakistan to penalise those who are involved in money laundering before removing it from its grey list.
The plenary session of the watchdog concluded after being continued for four days in Paris. It has been decided to retain Pakistan on its grey list, giving the country more time to wrap up money laundering cases against the responsible persons besides penalising those who are involved in terror financing.
The FATF has appreciated Pakistan’s progress on its action plan as the country completed the implementation of 26 out of 27 items.
According to the FATF, Pakistan made progress on all items of the action plan despite the prevailing situation of the COVID-19 pandemic, whereas, the country has also implemented the guidelines of the United Nations (UN) to blacklist nominated persons and organisations.
The finance ministry stated in its declaration that the country will making necessary steps to further achieve the targets set by the FATF.